The global expandable microspheres market is expected to witness significant growth during the forecast period owing to its increasing use in end-use industries such as automotive, construction, sports & leisure, and consumer goods. The growth of the global market is primarily driven due to the extensive use of the product in light-weighting of automobiles. The adoption of lightweight materials in automobile production to enhance fuel efficiency is a major factor expected to propel global market growth. Additionally, its use in the construction industry for thermal insulation applications is another factor driving the growth of the global market.
The global expandable microspheres market has been segmented based on type, end-use industry, and region.
By type, the global market is divided into wet and dry. The wet type is supplied with 90% water content, which offers the advantage of a dust-free working environment and easy handling operation of the plastic microsphere. However, the dry form is ultra-light and highly fluid.
On the basis of end-use industry, the global market has been segmented into automotive, construction, sports & leisure, consumer goods, and others. The automotive end-use industry is projected to dominate the global market on account of the high production and sale of lightweight automobiles across the globe. This is attributed to the pertaining stringent regulations regarding the reduction of vehicular emission for environment protection. Moreover, the rapid growth of the construction industry due to the industrialization and urbanization as well as infrastructural development worldwide is driving the growth of the global market.
The global market, by region, has been segmented into five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest market share in 2018 owing to the high demand for the product in construction, automotive, and consumer goods industries. The rapid industrialization and urbanization in countries such as India, Vietnam, Thailand, and Malaysia have increased construction activities, which is expected to fuel the demand for expandable microspheres in the region.
The North American and European markets are expected to witness healthy growths due to increasing investments in infrastructural development and high production and sale of automobile components in the region.
Some of the prominent players operating in the global expandable microspheres market are Nanjing Chemical Material Corp. (China), Mark Impex (India), Matsumoto Yushi-Seiyaku Co.,Ltd (Japan), Nouryon (Netherlands), KUREHA CORPORATION (Japan), Dennert Poraver GmbH (Germany), Chase Corporation (US), Nanosphere (China), SEKISUI CHEMICAL CO., LTD. (Japan), and Shanghai Joysun Chemical Co., Ltd (China).